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The RBS banking group has warned 1.3 million customers they could be charged negative interest rates if the Bank of England cuts base rates below zero.
The group, which includes NatWest, wrote to its business and commercial account holders about the potential changes, which mean they could lose money even when they are in credit.
The letter said: "Global interest rates remain at very low levels and in some markets are currently negative.
"Dependent on future market conditions, this could result in us charging on credit balances."
The Bank of England's base rate currently stands at the historically low rate of 0.5%, where it has been for more than seven years - and some economists believe it should be cut further to stimulate the economy.
Source: Sky News
From October 1st, the Dutch bank [ABN Amro] is adjusting its conditions to state that the bank can give negative interest rates to account holders with a business checking or -savings account, ANP reports.
Source: NL Times
(Score: 0) by Anonymous Coward on Wednesday July 27 2016, @08:53PM
It's time to try Helicopter Money (HM). The risk of hyper-inflation is low because automation and de-facto commie slaves are ready to make more stuff: excess capacity. But consumers don't have enough cash to buy all that new capacity because automation and commie slaves took their jobs. I've read many suggested solutions to the low-inflation/low-interest-rate problem, and HM seems the best solution, at least worth trying out.
(Score: 1, Insightful) by Anonymous Coward on Thursday July 28 2016, @02:55AM
Three words: Bread and Circus.
(Score: 2) by Justin Case on Thursday July 28 2016, @11:55AM
If this is to be viewed as a serious proposal and not just an AC potshot, you need to flesh it out a little. How much free money? Handed out to which people, how many of them? Where should it come from?
If your plan is to steal if from "the rich", make sure it adds up. How many rich people are you going to plunder? How long can you keep the helicopter flying before "the rich" run out of the money you covet? Or, long before that, what do you plan to do when "the rich" simply take their stuff and go someplace where envious thieves aren't ganging up on them? Or what if they just don't enjoy being plucked and start shooting back? What then?
I know, you'd be perfectly happy killing "the rich" and eating their corpses. You'd tell yourself that somehow this was just, and overlook the stolen dollars in your own pocket because you're really doing it for the good of everyone right? But what are you going to do after you drain that pool and there are no more "evil rich"?
(Score: 0) by Anonymous Coward on Thursday July 28 2016, @01:23PM
The Fed created a quite a few $Trillion or so out of thin air to bail out the banks.
I'm sure they can find a measly few hundred Billions to give to actual people this time. Assuming their rich and powerful masters want them to.
I'm sure while your busy licking the boots of the rich, hoping they will drop a few crumbs your way. You will stop to think where 'the rich' got their money from in the first place. How will you know whose ass to kiss when the economy collapses and no one is rich anymore?